July 30th, 2010
04:08 PM ET

Obama says U.S. auto industry 'growing strong' after bailout

President Barack Obama, speaking at auto plants in Detroit, Mich., Friday, praised the recovery of the embattled U.S. auto industry and celebrated the tough choices he says made a comeback possible.

"Last year, many thought this industry would keep losing jobs, as it had for the better part of the past decade. Today, U.S. automakers have added more than 55,000 jobs since last June," said Obama, speaking at a Chrysler plant.

He said both Chrysler Group LLC and General Motors Corp. have rebounded from the depths of their government-brokered bankruptcies and are back on track to grow.

Later in the day, Obama toured and spoke at a GM plant, where he also made the case for why the federal government's investment in the auto industry was a wise move. At times sounding like a candidate on the campaign trial, he is working to build support for his economic policies with just a few months to go until midterm elections in November.

In the 12 months before he took office, Obama said, the U.S. auto industry had lost hundreds of thousands of jobs and had seen its sales drop 40 percent. He cited estimates suggesting more than 1 million people would have lost their jobs if Chrysler and GM, two of the three big U.S. automakers, had been allowed to liquidate.

Ford Motor Co. was the only one of the "Big 3" automakers that did not take a government bailout.

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Filed under: Barack Obama
soundoff (7 Responses)
  1. Dave

    We "saved" two companies from going under by giving them government money. What ever happened to capitalism? If these two companies went under, others would emerge to take thier place. It's how our system works. In a way, this punishes Ford for being successful. What business couldn't use extra cash flow?

    July 30, 2010 at 6:18 pm | Report abuse |
  2. whydontyou

    We want cars that have 40-50 miles per gallon. We know you can do it. You have done it before. Take a CRX from the 80s.. 35 mpg. You guys killed the electric car back in the 90s. Then we bail you out for being idiots even more. I'm tired of it. Seriously.

    July 31, 2010 at 12:08 am | Report abuse |
  3. Proudwhiterightwingmale

    Oh he says that does he? Thats funny, because I see lots of dealerships going out of business. There is reality and then Obamas delusion and lies.

    July 31, 2010 at 7:23 am | Report abuse |
  4. i2i

    If you deduct Ford's hirings from those "new" jobs that leaves "bailout" jobs, or "subsidized" jobs. It is unfair to say the Big Three are doing well so long as GM and Chrysler are propped-up by bailouts. Ford - the only company that refused Obama - is truly doing well. I believe that is a lesson this nation needs to take to heart: Just say NO to Obama.

    July 31, 2010 at 11:42 am | Report abuse |
  5. carol swindell

    Yes, and now they are on their way to building facilities in China to make cars. They really appreciated it.

    July 31, 2010 at 12:33 pm | Report abuse |
  6. jonnycanada

    The US government has to show a profit for their investment in these two blundering companies at whatever cost. The government attacked Toyota (thanks Ray Lahood) and damaged an already sensitive auto market. Toyota has invested billions into the North American economy and has been slapped by the old crooks in Washington. If you buy from GM, after they hung out many of their past and present employees out to dry, you are condoning their actions. Toyota has been building and investing Hybrid vehicles for over ten years while the BIG three have been building gas guzzlers and now have turned "green" with the VOLT, its laughable.

    July 31, 2010 at 2:17 pm | Report abuse |
  7. concernedtechnologists

    Its time US realizes sooner than later ( may be its too late). All the R & D dollars spent flies into China who gets technology on the platter . Hope this trend reverses. Greatest wealth US ever had was technology supremacy and in last 15 years its been passed away in the quest to please Wall Street .

    Reverse engineering in easy ,but original engineering in tough !! Wake up USA . Its time to keep something at home before becoming a ordinary nation at the mercy of China

    July 31, 2010 at 7:51 pm | Report abuse |